SAN JOSE, Calif. – Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the first quarter of 2020.
"While Harmonic's financial results were impacted by Covid-19, we delivered on several key business initiatives," said Patrick Harshman , president and chief executive officer of Harmonic. "Cable Access segment revenue grew over 85% and recurring SaaS and Service revenue grew over 10% in the past year. The future impacts of the pandemic are difficult to forecast but we are well positioned for the long term, as the broadband cable access and video streaming services we enable remain vital and our core technology position remains strong. We continue to operate effectively with near-term focus on ensuring the wellbeing of our employees and support of our customers."

Q1 Financial and Business HighlightsFinancial

Revenue: $78.4 million , down 2.1% year over year.

SaaS and service revenue: $30.7 million , up 10.5% year over year.

Gross margin: GAAP 46.8% and non-GAAP 48.9%, compared to GAAP 52.2% and non-GAAP 54.5% in the year ago period.

Cable Access segment revenue: $24.0 million , up 85.6% year over year.

Video segment gross margin: 51.3%, compared to 57.5% in the year ago period.

Operating loss: GAAP loss $18.0 million and non-GAAP loss $9.5 million , compared to GAAP loss $8.4 million and non-GAAP loss $3.8 million in the year ago period.